Lloyds Bank has launched a generous new promotion that pays existing customers for recommending its services. The 'Refer a Friend' scheme allows account holders to earn up to £250 in free cash simply by introducing friends to the bank.
How the Referral Bonus Works
Under this initiative, when an existing Lloyds customer refers a friend who then opens a qualifying current account, both individuals receive £50 each. The referring customer can earn this bonus for multiple referrals, up to a maximum of £250 per calendar year - equivalent to five successful referrals.
Ola Majekodunmi, Lloyd's Money Expert, commented: "We all love a great recommendation from a friend - whether it's a hidden gem of a restaurant, a binge-worthy boxset or the latest tech. Sharing the best stuff with people who matter most? That's what makes it special."
She added: "Now, Lloyds is bringing that same buzz to banking with their 'Refer a Friend' offer. It's simple - spread the word and both you and your friends can pocket some serious cash - all with just a few taps in the app."
Payment Timeline and Process
The bonus payments are processed as cash credits and appear in both accounts within 30 working days of the new account being successfully opened. For the referrer, the payment goes into their oldest Lloyds current account.
The process is straightforward: customers need to log into the Lloyds mobile banking app and use the 'Share link with a friend' feature. The referred friend then has 30 days to use this link to join Lloyds and open a current account.
Eligibility Requirements
Several important conditions apply to this offer. To qualify for the referral bonus:
- The referrer must have a qualifying Lloyds current account
- The friend must be a brand-new Lloyds customer with no existing products (including current accounts, savings, credit cards, loans or mortgages)
- The new account must be opened using the specific referral link
- The account must remain open for at least 7 days
- Only sole-name accounts qualify - joint accounts are excluded
- Student, Under 19s and Smart Start accounts don't qualify for this offer
- Account approval is subject to standard banking checks
Lloyds Bank encourages customers to "spread the word and share the win" with this limited-time promotion that makes financial recommendations literally pay off.
